The CFPB is largely ineffective at controlling mortgage risk and is already borderline obsolete, according to a former Wall Street professional now working in the halls of academia. To begin with, Sen. Elizabeth Warren, D-MA, the architect of the bureau, and Richard Cordray, its current director, misunderstood the problem facing mortgage borrowers and lenders, according to Anthony Sanders, a professor of real estate finance at George Mason University and former head of asset-backed and mortgage-backed securities research at Deutsche Bank in New York City.“Essentially, the world that Warren and Cordray wish that existed (1999) when real median household income was at its maximum and mortgage foreclosures were just above 1 percent doesn’t exist anymore,” the professor said in a...